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Abstract

The latest regulations in Indonesia (SEOJK No 16/SEOJK.04/2021) have required public companies to make a sustainability report every year in order to increase sustainable in­vestment. Prior to this regulation, several public companies had made sustainability reports and received benefits of sustainability report. This makes issuers ask whether after being obligated, public companies still get the benefits that have been obtained from voluntary sustainability reports and under what conditions the mandatory sustainability reports are beneficial for public companies. This study answers the public companies' doubts by con­ducting a systematic literature review on research on mandatory and voluntary sustainability reports in Q1 and Q2 journals from 2008-2018. Before answering the issuers' doubts, this study explains the reasons why issuers make voluntary sustainability reports and the benefits derived from voluntary sustainability reports. After that, based on previous research, this study explains whether the benefits obtained from voluntary sustainability reports can still be obtained in mandatory sustainability reports. This study found that sus­tainability reports were made because of the desire to benefit from these reports initiated by company leaders coupled with institutional pressure. The benefits of voluntary sustainability reports are the positive perception of shareholders and increased concern for the company's sustainability. Mandatory sustainability reports can still provide some (though not all) of the same benefits as voluntary sustainability reports. In addition, the sustainability report must be able to cover the weaknesses of the voluntary sustainability report with the condi­tion that there is strict legal coercion, strict supervision, and the addition of an obligation to audit sustainability information which is strengthened by market demands to make a sus­tainability report. Therefore, the Indonesian government must pay attention to these condi­tions for this regulation to be implemented properly.

Bahasa Abstract

Peraturan terbaru di Indonesia (SEOJK No 16/SEOJK.04/2021) telah mewajibkan emiten untuk membuat laporan keberlanjutan setiap tahun dalam rangka meningkatkan investasi berkelanjutan. Sebelum peraturan ini dibuat, beberapa emiten telah membuat laporan keber­lanjutan dan mendapatkan banyak manfaat dari laporan keberlanjutan. Hal ini membuat emiten bertanya apakah setelah diwajibkan, emiten tetap mendapatkan keuntungan yang telah diperoleh dari laporan keberlanjutan sukarela dan dalam kondisi seperti apa laporan keberlanjutan wajib bermanfaat bagi emiten. Penelitian ini menjawab keraguan emiten dengan melakukan reviu literatur sistematis atas penelitian mengenai laporan keberlanjutan wajib dan sukarela pada jurnal Q1 dan Q2 dari tahun 2008-2018. Sebelum menjawab kera­guan emiten, penelitian ini menjelaskan alasan emiten membuat laporan keberlanjutan sukarela dan manfaat yang diperoleh dari laporan keberlanjutan sukarela. Setelah itu, ber­dasarkan penelitian sebelumnya, penelitian ini menjelaskan apakah manfaat yang diperoleh dari laporan keberlanjutan sukarela masih bisa diperoleh pada laporan keberlanjutan wajib. Penelitian ini menemukan bahwa laporan keberlanjutan dibuat karena keinginan untuk mendapatkan keuntungan dari laporan tersebut yang diinisiasi oleh pemimpin perusahaan ditambah dengan tekanan institusional. Manfaat laporan keberlanjutan sukarela adalah per­sepsi positif pemegang saham dan peningkatan kepedulian keberlanjutan perusahaan. Laporan keberlanjutan wajib masih dapat memberikan beberapa (walaupun tidak semua) manfaat yang sama dengan laporan keberlanjutan sukarela. Selain itu, laporan keberlanjutan wajib mampu menutup kelemahan laporan keberlanjutan sukarela dengan syarat adanya pemaksaan hukum yang ketat, pengawasan yang ketat, dan penambahan kewajiban untuk mengaudit informasi keberlanjutan yang diperkuat dengan tuntutan pasar untuk membuat laporan keberlanjutan. Karena itu, pemerintah Indonesia harus memperhatikan kondisi ter­sebut untuk peraturan ini dapat terlaksana dengan baik.

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